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Feb. 27, 2012 /PRNewswire-Asia/ -- Recon Technology, Ltd (Nasdaq: RCON), a Chinese non-state-owned oil and gas automation services provider (the "Company"), announced today that it received a letter from Nasdaq OMX Group ("Nasdaq") on
February 24, 2012 regarding its return to compliance with Nasdaq Marketplace Rule 5550(a)(5) ("Rule 5550(a)(5)"). The letter notified the Company that, based on the Company's market value of publicly held shares being above
$1,000,000 (determined by closing bid price multiplied by number of publicly held shares) for at least ten consecutive business days, Nasdaq determined that the Company regained compliance with Rule 5550(a)(5). Accordingly, this matter was closed.
The Company currently remains deficient under Nasdaq Marketplace Rule 5450(a)(1), which requires Nasdaq-listed companies to maintain a closing bid price of at least
$1.00 per share ("Rule 5450(a)(1)").
Shenping Yin, Chief Executive Officer of the Company, said: "We are pleased to return to compliance with Rule 5550(a)(5). In the meantime, we will be actively monitoring the progress of our compliance plan regarding Rule 5450(a)(1). Because compliance with Rule 5450(a)(1) depends on our stock price, we cannot guarantee that we will be able to return to compliance with the rule. We will, however, maintain effective communication with our investors at all times."
About Recon Technology, Ltd
Recon Technology, Ltd has been providing leading Chinese oil and gas companies with automation services that increase efficiency and profitability in exploring, extracting, producing, processing, refining and transporting petroleum products for over 10 years. Rcon's proprietary computerized process control system manages oil production in real-time to increase extraction levels, reduce impurities in extracted petroleum and lower production costs. In addition, as one of only two acoustic system providers in the world, Recon's acoustic pipeline monitoring system is widely used to prevent gas leakage in the transport pipeline. Recon's technology is based on three software copyrights, eight product patents and four pending patents. Recon Technology is the first Chinese non-state-owned oil and gas service company to go public in the U.S. More information may be found at